The Nigerian Education Loan Fund (NELFUND) has disbursed ₦86 billion through its student loan scheme, providing financial support to 449,000 students nationwide

NELFUND Managing Director, Akintunde Sawyerr, announced the figures on Friday during an interview on Channels Television’s Sunrise Daily. He said the agency had processed 735,000 applications from 742,000 registered prospective beneficiaries, with applications growing by 3,000 to 3,500 daily.

According to Sawyerr, ₦47 billion was paid directly to 218 federal and state-owned tertiary institutions, while ₦38 billion was released as stipends to students. Beneficiaries include those whose tuition was fully settled and those on instalment payment plans.

He explained that loan processing takes between 30 and 45 days, as each application is first sent to the relevant institution for verification of the student’s identity, course of study, and fees before disbursement.

“We prioritise a robust, fully auditable, and accountable process over arbitrary deadlines,” Sawyerr said, adding that the agency had uncovered a case of double payment and suspected collusion.

In May, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) began investigating alleged irregularities in the loan disbursement, claiming ₦71 billion was unaccounted for. The commission also accused some institutions of making unlawful deductions from students’ fees, ranging from ₦3,500 to ₦30,000. However, these allegations has been denied by NELFUND.

The House of Representatives has also resolved to investigate possible breaches of the Student Loan Act, keeping the scheme under sustained legislative and anti-corruption scrutiny.